Banking Ombudsman Conference: Ten Action Points to improve Customer Service of Banks Point No 2:

2. Banks would initiate the process of providing one view of all bank accounts of a customer including deposits, loans, etc., with the help of available technology, such as, core banking solution. Banks would be complete the process within one year.
Today a Bank customer has access to a myriad number of banking products i.e Savings account, Current Account, Fixed Deposits, Recurring Deposits, Overdraft Loans, Term Loans, Credit Cards, Safe Deposit Lockers, PPF Accounts, Pension Accounts  and Custodial Services etc.
Apart from pure banking products, bank customers also can access Demat Accounts, Trading accounts, Mutual fund investments, Insurance products. Normally this will indirectly reflect in bank’s records and directly in subsidiary/associate institution records.
Hence, it is bit difficult for a snap-shot view of the customer’s bank’s accounts.
With the above Customer Service point, it is expected Banks will provide one view of all customer’s bank accounts.
The major challenge for Banks here would be creation of a single master number for a single customer.
There should be no duplicate master numbers for a single customer.
In the long run, a single view of customer’s bank accounts will be beneficial to the Bank only, as the data can be analyzed to determine the customer’s profitability and cross-selling of bank products.
Banks are expected to complete this process within one year, so by end 2012, the necessary steps would have been executed.

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